思佳訊 (SWKS) 2019 Q3 法說會逐字稿

Good afternoon and welcome to Skyworks Solutions Third Quarter and Fiscal Year 2019 Earnings Call. This call is being recorded. At this time, I will turn the call over to Mitch Haws, Investor Relations for Skyworks. Mr. Haws, please go ahead.

下午好，歡迎來到 Skyworks Solutions 第三季度和 2019 財年收益電話會議。此通話正在錄音中。此時，我會將電話轉給 Skyworks 投資者關係部的 Mitch Haws。豪斯先生，請繼續。

Thank you, operator. Good afternoon, everyone, and welcome to Skyworks' Third Fiscal Quarter 2019 Conference Call. With me today are Liam Griffin, our President and Chief Executive Officer; and Kris Sennesael, our Chief Financial Officer.

謝謝你，運營商。大家下午好，歡迎來到 Skyworks 2019 財年第三季度電話會議。今天和我在一起的是我們的總裁兼首席執行官 Liam Griffin；和我們的首席財務官 Kris Sennesael。

Before we begin, I would like to remind everyone that our discussion today will include statements relating to future results and expectations that are or may be considered forward-looking statements. Please refer to our earnings press release and recent SEC filings, including our annual report on Form 10-K, for information on certain risks that could cause actual outcomes to differ materially, and adversely from any forward-looking statements made today. Additionally, the results and guidance we will discuss include non-GAAP financial measures, consistent with our past practice. Please refer to our press release within the Investor Relations section of our company website for a complete reconciliation to GAAP.

在我們開始之前，我想提醒大家，我們今天的討論將包括與未來結果和預期相關的陳述，這些陳述是或可能被視為前瞻性陳述。請參閱我們的收益新聞稿和最近提交給美國證券交易委員會的文件，包括我們關於 10-K 表格的年度報告，以了解有關可能導致實際結果與今天所做的任何前瞻性陳述產生重大差異和不利影響的某些風險的信息。此外，我們將討論的結果和指導包括非 GAAP 財務措施，與我們過去的做法一致。請參閱我們公司網站投資者關係部分的新聞稿，了解與 GAAP 的完整對賬。

With that, I'll turn the call to Liam.

有了這個，我會把電話轉給利亞姆。

Thanks, Mitch, and welcome, everyone. Skyworks delivered solid financial results in Q3 as the resiliency of our business model allowed us to maintain strong profitability and cash flow.

謝謝，米奇，歡迎大家。Skyworks 在第三季度取得了穩健的財務業績，因為我們業務模式的彈性使我們能夠保持強勁的盈利能力和現金流。

Looking at the quarter in more detail, we reported revenue of $767 million, slightly above our guidance; drove gross margin of 50.4%; and operating margin of 33% while delivering earnings per share of $1.35. And our cash generation continues to be strong, with operating cash flow of $950 million year-to-date.

更詳細地看一下本季度，我們報告的收入為 7.67 億美元，略高於我們的指導；推動毛利率達到 50.4%；營業利潤率為 33%，每股收益為 1.35 美元。我們的現金流繼續強勁，今年迄今的運營現金流為 9.5 億美元。

Looking forward, our design win pipeline is expanding as we capitalize on the ramp of 5G and wireless infrastructure, smartphones and across IoT. For example, in wireless infrastructure, Skyworks is now supporting a number of global 5G deployments, our solutions address both 5G macro base stations and small cell radios, and we are ramping today with leading European and Japanese infrastructure OEMs. In addition, Skyworks is enabling 5G Massive MIMO base stations for a leading Korean customer.

展望未來，隨著我們利用 5G 和無線基礎設施、智能手機和整個物聯網的發展，我們的設計獲勝渠道正在擴大。例如，在無線基礎設施方面，Skyworks 現在支持許多全球 5G 部署，我們的解決方案同時解決 5G 宏基站和小型蜂窩無線電，並且我們今天正在與領先的歐洲和日本基礎設施 OEM 合作。此外，Skyworks 正在為一家領先的韓國客戶提供 5G Massive MIMO 基站。

Across the IoT space, we are gaining share in new emerging categories, with recent wins at Facebook for their Oculus VR headset and with Vizio for their sound bars, leveraging our analog SoCs and cognitive wireless radios. We also secured low-power LTE Cat M design wins with the leading module providers, including Telit, Gemalto, u-blox and Sierra Wireless. And we are expanding our reach in the wearables market where we are populating devices that combine our cellular and WiFi technology. We've also extend in our WiFi leadership with several signature design wins in the last quarter, including Cisco with their Wi-Fi 6 solutions, DIRECTV for their over-the-top streaming devices as well as design wins with industry leaders such as Amazon, Nest and NetGear.

在整個物聯網領域，我們正在新興類別中獲得份額，最近憑藉我們的模擬 SoC 和認知無線電贏得了 Facebook 的 Oculus VR 耳機和 Vizio 的條形音箱。我們還贏得了領先模塊供應商的低功耗 LTE Cat M 設計，包括 Telit、Gemalto、u-blox 和 Sierra Wireless。我們正在擴大我們在可穿戴設備市場的影響力，我們正在填充結合了我們的蜂窩和 WiFi 技術的設備。我們還擴大了我們在 WiFi 領域的領導地位，在上個季度贏得了幾項標誌性設計，包括思科的 Wi-Fi 6 解決方案、DIRECTV 的頂級流媒體設備以及亞馬遜等行業領導者的設計勝利、Nest 和 NetGear。

Finally in mobile, for the coming wave of 5G phones, we've deepened our engagements with key customers, leveraging our unique suite of solutions to support launches at Samsung, LG, Oppo, Vivo and others.

最後在移動領域，對於即將到來的 5G 手機浪潮，我們加深了與主要客戶的接觸，利用我們獨特的解決方案套件支持三星、LG、Oppo、Vivo 等公司的發布。

As these opportunities demonstrate, the demand for advanced connectivity and the expansive nature of 5G are creating real-time opportunities for Skyworks. With 5G now launched on 4 continents, operators are seeing the compelling economics that 5G services can bring and we expect momentum to continue building into 2020 and beyond.

正如這些機會所表明的那樣，對高級連接的需求和 5G 的擴展性正在為 Skyworks 創造實時機會。隨著 5G 現在在四大洲推出，運營商看到了 5G 服務可以帶來的引人注目的經濟效益，我們預計這種勢頭將持續到 2020 年及以後。

To be clear, 5G is a technology, not a product. And we expect the performance gains in speed, latency and network capacity to spawn a much broader ecosystem where 5G becomes the universal connector. With the application scope going far beyond the smartphone, 5G is already driving new usage cases in emerging areas like industrial IoT, autonomous transport, smart cities and digital health. For Skyworks, this is a tremendous opportunity as our scale and experience across multiple technology generations position us to lead as 5G becomes a reality.

需要明確的是，5G是一種技術，而不是一種產品。我們預計速度、延遲和網絡容量方面的性能提升將催生一個更廣泛的生態系統，5G 將成為通用連接器。隨著應用範圍遠遠超出智能手機，5G 已經在工業物聯網、自動駕駛交通、智慧城市和數字健康等新興領域推動新的用例。對於 Skyworks 而言，這是一個巨大的機會，因為我們在多個技術世代的規模和經驗使我們能夠在 5G 成為現實時處於領先地位。

Our capital investments have enabled us to build highly specialized, vertically integrated supply chains capable of meeting the complex demands of the world's most innovative customers.

我們的資本投資使我們能夠建立高度專業化、垂直整合的供應鏈，能夠滿足全球最具創新精神的客戶的複雜需求。

We continue to advance our filter capabilities, creating leadership positions in SAW, in TC SAW, and in Q3, we commenced volume production of BAW-enabled devices. These devices will be shipping this quarter. Incorporating BAW expands our TAM in mobile and positions us to support a wider array of customers, markets and applications.

我們繼續提升我們的濾波器能力，在 SAW、TC SAW 中建立領導地位，並且在第三季度，我們開始批量生產支持 BAW 的設備。這些設備將於本季度發貨。合併 BAW 擴展了我們在移動領域的 TAM，並使我們能夠支持更廣泛的客戶、市場和應用程序。

And in addition to 5G, our capabilities in broad markets have grown. As we now serve an expanded set of global customers, including companies like Ford, Continental, LG, along with factory automation leaders such as Bosch, Honeywell, Siemens and GE. Today, we generate nearly $1.1 billion in annual revenues from our broad market portfolio. That's a compound growth rate of 16% since 2013.

除了 5G 之外，我們在廣闊市場的能力也有所提高。現在，我們為更多的全球客戶提供服務，包括福特、大陸集團、LG 等公司，以及博世、霍尼韋爾、西門子和通用電氣等工廠自動化領導者。今天，我們從廣泛的市場組合中獲得近 11 億美元的年收入。這是自 2013 年以來 16% 的複合增長率。

So in summary, Skyworks is at the forefront of ubiquitous connectivity leveraging our decades of experience, world-class scale and customer relationships. We are well positioned to continue executing on our vision of connecting everyone and everything all the time.

因此，總而言之，Skyworks 憑藉我們數十年的經驗、世界級的規模和客戶關係，處於無處不在的連接的最前沿。我們已準備好繼續執行我們的願景，即始終連接每個人和所有事物。

With that, I will turn the call over to Kris for a discussion of last quarter's performance and our outlook for Q4.

有了這個，我將把電話轉給 Kris，討論上一季度的表現和我們對第四季度的展望。

Thanks, Liam. Skyworks revenue for the third fiscal quarter of 2019 was $767 million. That is $2 million above the midpoint of our June 4 updated guidance. Our third quarter revenue reflects the impact of the U.S. Bureau of Industry and Securities of the U.S. Department of Commerce placing Huawei Technologies and certain of its affiliates on the entity list. Skyworks ceased all shipments to Huawei as of the date Huawei was added to the entity list.

謝謝，利亞姆。Skyworks 2019 年第三財季的收入為 7.67 億美元。這比我們 6 月 4 日更新指南的中點高出 200 萬美元。我們第三季度的收入反映了美國商務部美國工業和證券局將華為技術及其某些附屬公司列入實體名單的影響。自華為被添加到實體列表之日起，Skyworks 已停止向華為發貨。

After an in-depth review of the export administration regulations and the scope of the entity list restrictions, we ultimately determined that we could lawfully resume shipping certain products, which we did start in early July. However, we expect the business with Huawei to remain well below historical levels into the current quarter.

在對出口管理規定和實體清單限制範圍進行深入審查後，我們最終確定我們可以合法恢復某些產品的運輸，我們確實在 7 月初開始了這些產品的運輸。然而，我們預計本季度與華為的業務將遠低於歷史水平。

Third fiscal quarter non-GAAP gross profit was $386 million, resulting in a non-GAAP gross margin of 50.4%. As noted in the financial statements attached to our earnings release, we incurred a GAAP-only nonrecurring charge of $67 million primarily consisting of inventory-related write-downs due to the addition of Huawei to the BIS entity list.

第三財季非 GAAP 毛利潤為 3.86 億美元，非 GAAP 毛利率為 50.4%。正如我們的收益發布所附的財務報表所述，我們產生了 6700 萬美元的僅 GAAP 非經常性費用，主要包括由於華為被添加到 BIS 實體列表而導致的庫存相關減記。

Operating expenses were $134 million, better than our guidance and down slightly sequentially as we continue to effectively manage our operating expenses. We generated $252 million of operating income translating into an operating margin of 33%. Third quarter effective tax rate was 8.2%. This drove net income of $234 million or $1.35 of diluted earnings per share.

營業費用為 1.34 億美元，好於我們的指導，並且隨著我們繼續有效地管理營業費用，環比略有下降。我們產生了 2.52 億美元的營業收入，轉化為 33% 的營業利潤率。第三季度有效稅率為 8.2%。這推動了 2.34 億美元的淨收入或 1.35 美元的每股攤薄收益。

Turning to the balance sheet and cash flow. Third fiscal quarter cash flow from operations was $209 million. And for the first 9 months of the fiscal year, operating cash flow was $950 million.

轉向資產負債表和現金流量。第三財季運營現金流為 2.09 億美元。本財年前 9 個月，運營現金流為 9.5 億美元。

Third fiscal quarter capital expenditures were $88 million. We distributed $66 million in dividends and repurchased 1.2 million shares of our common stock for a total of $86 million.

第三財季資本支出為 8800 萬美元。我們分配了 6600 萬美元的股息，並以總計 8600 萬美元的價格回購了 120 萬股普通股。

During the first 9 months of the fiscal year, we have returned approximately $710 million to shareholders via share repurchases and dividends, and this represents 112% of the free cash flow we've generated this year.

在本財年的前 9 個月，我們通過股票回購和派息向股東返還了約 7.1 億美元，占我們今年產生的自由現金流的 112%。

We ended the quarter with a cash and investment balance of just under $1 billion, with no debt.

本季度結束時，我們的現金和投資餘額略低於 10 億美元，沒有債務。

Now looking ahead to fiscal Q4. We are on track to deliver sequential revenue and earnings growth in the September quarter as we execute on strategic product ramps. Specifically, we anticipate revenue in the range of $815 million to $835 million or $825 million at the midpoint. The revenue outlook assumes Huawei revenue remains at nominal levels, given the uncertainty associated with ongoing trade-related issues. At the midpoint of the range, revenue is expected to increase 8% sequentially despite significantly lower revenue to Huawei compared to the June quarter.

現在展望第四財季。隨著我們執行戰略產品坡道，我們有望在 9 月季度實現連續的收入和盈利增長。具體而言，我們預計收入在 8.15 億美元至 8.35 億美元或中點 8.25 億美元之間。考慮到持續的貿易相關問題的不確定性，收入前景假設華為收入保持在名義水平。在該範圍的中點，儘管華為的收入與 6 月季度相比大幅下降，但預計收入將環比增長 8%。

Excluding Huawei in the June and September quarters, we expect our revenue to increase 20% sequentially, reflecting strong seasonal ramps at our large customers, as we demonstrate our expanding reach and ability to deliver complex and highly integrated solutions.

不包括 6 月和 9 月季度的華為，我們預計我們的收入將連續增長 20%，這反映了我們大客戶的強勁季節性增長，因為我們展示了我們不斷擴大的覆蓋範圍和提供複雜和高度集成解決方案的能力。

We expect gross margin in the range of 50% to 50.5%, approximately flat compared to the June quarter despite the lower factory utilization associated with the reduced demand from Huawei.

我們預計毛利率在 50% 至 50.5% 之間，與 6 月季度相比大致持平，儘管工廠利用率較低與華為需求減少有關。

We expect operating expenses of approximately $135 million, as we continue to adjust our spending levels. Below the line, we anticipate roughly $3.5 million in other income and an effective tax rate of approximately 8.5%.

隨著我們繼續調整支出水平，我們預計運營費用約為 1.35 億美元。在此線之下，我們預計其他收入約為 350 萬美元，有效稅率約為 8.5%。

We expect our diluted share count to be 172.5 million shares. At the midpoint of $825 million in revenue, we plan to deliver diluted earnings per share of $1.50.

我們預計我們的稀釋股數為 1.725 億股。以 8.25 億美元的收入中點計算，我們計劃實現每股 1.50 美元的稀釋收益。

Finally, today, we also announced a 16% increase in our quarterly dividend to $0.44 per share, reflecting our confidence in Skyworks' business model and sustainable cash generation capabilities.

最後，今天，我們還宣布將季度股息提高 16% 至每股 0.44 美元，反映出我們對 Skyworks 的商業模式和可持續現金生成能力的信心。

And with that, let me turn the call back to Liam.

就這樣，讓我把電話轉回給利亞姆。

Thanks, Kris. As a proven technology leader, we are leveraging our Sky5 platform and systems expertise to enable the billions of connections between devices and the cloud, providing the underlying foundation for an entirely new ecosystem in today's connected world.

謝謝，克里斯。作為久經考驗的技術領導者，我們正在利用我們的 Sky5 平台和系統專業知識來實現設備和雲之間的數十億個連接，為當今互聯世界中的全新生態系統奠定基礎。

Looking forward, Skyworks is uniquely positioned with established leadership and growing markets in expansive and innovative set of 5G solutions, global scale and the deep customer relationships that are facilitating the mobile economy of tomorrow.

展望未來，Skyworks 在廣泛和創新的 5G 解決方案、全球規模以及促進未來移動經濟的深厚客戶關係方面擁有穩固的領導地位和不斷增長的市場。

That concludes our prepared remarks. Operator, let's open the line for questions.

我們準備好的發言到此結束。接線員，讓我們打開問題熱線。

(Operator Instructions) You have a question from the line of Vivek Arya.

（操作員說明）您有來自 Vivek Arya 的問題。

I actually had 2 of them, if I could. First, Liam, I'm curious how do you expect your largest customer to do in September both on a sequential and on an year-on-year basis? I realize everyone in the industry is conservative on units, but I was hoping you could give us your insights on content growth that can perhaps help offset some of that unit conservatism. So to whatever extent you can, if you could help us, give us some color on sequential and year-on-year growth at your largest customer?

如果可以的話，我實際上有兩個。首先，利亞姆，我很好奇你預計你最大的客戶在 9 月份的環比和同比表現如何？我知道這個行業的每個人都對單位持保守態度，但我希望您能給我們提供您對內容增長的見解，這或許有助於抵消部分單位保守主義。因此，無論您能在多大程度上幫助我們，請給我們一些關於您最大客戶的連續和同比增長的顏色？

Sure. Well, I mean, it certainly comes down to units, but I will say that the Skyworks team continues to work with all of the most significant flagship phones and customers and we continue to do that this year. And a number of very exciting design wins have been consummated with leading customers, we're really proud of what we've done. We're continuing to expand the scope and the reach of the device count and the complexity of what we offer. So we really can't predict how the unit curve will look, but I can tell you that our ability to grow and gain content, especially in highly complex, high-margin areas is something that we'll demonstrate and we'll be very proud to show.

當然。好吧，我的意思是，這當然歸結為單位，但我要說的是，Skyworks 團隊將繼續與所有最重要的旗艦手機和客戶合作，我們今年將繼續這樣做。一些非常令人興奮的設計勝利已經與領先的客戶一起完成，我們為我們所做的事情感到非常自豪。我們將繼續擴大設備數量的範圍和範圍以及我們提供的產品的複雜性。所以我們真的無法預測單位曲線會是什麼樣子，但我可以告訴你，我們增長和獲取內容的能力，特別是在高度複雜、高利潤的領域，我們將展示這一點，我們將非常自豪地展示。

And as a follow-up, Liam, as you start fiscal '20, I realized, it was a -- last year was a tough year for the industry with all the weakness in premium units and then the Huawei ban. But as you start fiscal '20, how should we just conceptually think about growth. There's definitely benefits from the onset of 5G, but how material can it be? And if you could just give us an overall look at how you are looking at Skyworks' overall growth prospects for fiscal '20?

作為後續行動，利亞姆，當你開始 20 財年時，我意識到，去年是該行業艱難的一年，高端產品表現疲軟，然後是華為禁令。但是當你開始 20 財年時，我們應該如何從概念上考慮增長。5G 的出現肯定有好處，但它能帶來多大的好處呢？如果您能給我們一個全面的了解，您如何看待 Skyworks 在 20 財年的整體增長前景？

Yes. I think '19, as you mentioned, has been a difficult year for a number of reasons. There were some volatility early in our fiscal year that was kind of a macro issue. And then we've had the effects of this Huawei ban, which have been pretty significant but we'll manage. But I do think there's tremendous momentum and excitement around mobile today and around 5G at a higher level. So we're starting to see the rollouts on the infrastructure side. We talked about that in prepared remarks. We're certainly working with all the customers that matter and helping them develop 5G capabilities in their smartphone devices. And we expect this to be an incredible catalyst for the industry. As I've said in the prepared remarks, 5G is really a universal connector. It is a technology, it's not a product. It will populate multi-market opportunities for us and we have great, great solutions to make that happen. So we're really excited about 2020 and beyond. We also feel good in the near term right now. We just guided a 20% sequential quarter if we net out the effects of Huawei, which we really can't control today. As we look into our Q1, the December quarter, we see sequential growth coming again. So we feel bullish about that and the prospects of 5G are ahead.

是的。正如你所提到的，我認為 19 年是艱難的一年，原因有很多。我們財政年度初期出現了一些波動，這是一個宏觀問題。然後我們受到了華為禁令的影響，這非常重要，但我們會處理的。但我確實認為當今的移動和更高級別的 5G 存在巨大的動力和興奮。所以我們開始看到基礎設施方面的部署。我們在準備好的評論中談到了這一點。我們當然會與所有重要的客戶合作，幫助他們在智能手機設備中開發 5G 功能。我們預計這將成為該行業令人難以置信的催化劑。正如我在準備好的發言中所說，5G 確實是一個通用連接器。它是一種技術，它不是一種產品。它將為我們帶來多市場機會，我們有很棒的解決方案來實現這一目標。因此，我們對 2020 年及以後感到非常興奮。我們在短期內也感覺良好。如果我們排除華為的影響，我們只是指導了 20% 的連續季度，這是我們今天真的無法控制的。當我們回顧我們的第一季度，即 12 月的季度時，我們看到連續增長再次出現。因此，我們對此感到樂觀，5G 的前景遙遙領先。

Next question comes from the line of Craig Ellis with B. Riley's BR (sic) [B. Riley FBR.]

下一個問題來自 Craig Ellis 和 B. Riley 的 BR（原文如此）[B.萊利 FBR。]

Yes, that's B. Riley FBR. Liam, let me just follow up on the last comment. As we look at the December quarter, how should we think about normal seasonality for that business? And is the profile that you see right now, 1 quarter out, trending favorable versus that seasonality? Or do macro cross currents at play mean that you would expect to be below normal seasonality?

是的，那是 B. Riley FBR。利亞姆，讓我跟進最後一條評論。當我們查看 12 月季度時，我們應該如何考慮該業務的正常季節性？你現在看到的概況，1 個季度，相對於那個季節性趨勢是有利的嗎？還是宏觀逆流在起作用意味著您預計會低於正常季節性？

Well, I think we will be able to deliver a solid seasonal ramp, Craig, coming into our Q1 here at the -- in the back half of the calendar year. And again, it is a number of customers involved here, not just one. But we feel good about the outlook during that time frame. We have very good visibility, by the way, with respect to that timing. And we also have very good visibility on what we've consummated from a design perspective and the devices that we put forth in leading smartphones. So we feel good about coming through. And then the balance of the year, we'll see how things go. I think broad markets continues to be a strategic vector for us. And despite some of the challenges that we're enduring right now with Huawei, we think a lot of that demand and time is going to get redistributed and we'll be able to take advantage of that.

好吧，我認為我們將能夠在日曆年的下半年進入我們的第一季度，克雷格。再說一次，這裡涉及的是許多客戶，而不僅僅是一個。但我們對該時間段內的前景感到滿意。順便說一下，我們對那個時間點有很好的了解。我們也非常了解我們從設計角度所完成的工作以及我們在領先的智能手機中推出的設備。所以我們對挺過來感覺很好。然後是今年餘下的時間，我們將看看情況如何。我認為廣闊的市場仍然是我們的戰略方向。儘管我們現在與華為一起面臨一些挑戰，但我們認為很多需求和時間將被重新分配，我們將能夠利用這一點。

Okay. And then for the follow-up, let me just get to really clarification clean ups for Kris. Kris, can you give us the segment splits? And then just on inventory, days moved up pretty materially, on hand was up about 5% despite the write-down. So how should we think about the company's ability to work down inventory and get it back into a normal level?

好的。然後對於後續行動，讓我為 Kris 做真正的澄清清理工作。Kris，你能給我們分段嗎？然後就庫存而言，天數大幅增加，儘管減記，但庫存增加了約 5%。那麼，我們應該如何看待公司降低庫存並使其恢復到正常水平的能力呢？

Yes, let me first give you the splits. So broad markets in Q3 was 37% of total revenue, which was up low single digits sequentially as well as year-over-year. And you have to, of course, keep in mind that and broad markets business was also impacted by the Huawei ban. Some of the Huawei revenue is accounted for in broad markets, the infrastructure part as well as some nonmobile wireless connectivity solutions that we provide to Huawei. Again, broad markets, it's running at more than $1.1 billion in annualized revenue. And I think Liam talked in the prepared remarks about a lot of the strength that we see in that market segment with the launch of Wi-Fi 6, some of the wearable products, automotive and IoT in general. And so broad markets was 37%. On the flip side, mobile was 63%, which was down approximately 10% sequentially in our slowest seasonal quarter of the year, and of course, that segment was impacted even more by the Huawei shipment ban. So that's the split.

是的，讓我先給你劈叉。因此，第三季度廣闊市場佔總收入的 37%，環比和同比均呈低個位數增長。當然，你必須記住，廣泛的市場業務也受到了華為禁令的影響。華為的部分收入來自廣泛的市場、基礎設施部分以及我們向華為提供的一些非移動無線連接解決方案。同樣，廣闊的市場，它的年收入超過 11 億美元。我認為 Liam 在準備好的評論中談到了我們在 Wi-Fi 6、一些可穿戴產品、汽車和 IoT 的推出後在該細分市場中看到的很多優勢。因此，廣闊的市場是 37%。另一方面，移動業務為 63%，在我們今年最慢的季節性季度中環比下降了約 10%，當然，該部分受到華為發貨禁令的影響更大。這就是分裂。

And then maybe on inventory, inventory in the June quarter, which again is our slowest seasonal quarter of the year, was up $25 million. Days of inventory were up 13 days to 139 days. And so during our seasonal slowest quarter of the year here, we definitely have been level loading our factories in order to drive efficient usage of our capital equipment. And all of it, of course, in support of the new product ramps that we have with our key customers and where we talked about it, we see a 20% sequential growth into the September quarter, excluding Huawei, and then even further growth into the December quarter. And so we -- in the September and December quarter, we do expect the days of inventory to come down as we will consume some of that inventory. And going forward, I do expect inventory to flip the weight between 110 days to 140 days, depending on where we are in the seasonal cycle. And so that is slightly higher than historical levels, but you have to keep in mind that, what was it, 4, 5 years ago, none of the filters we were making in-house, we were all purchasing them from third parties. And maybe 2 years ago, we go to roughly 50% of the filters in-house. By now, we are getting close to 95% of the filters in-house. And so that's obviously is driving some higher levels of inventory. But again, inventory is fully in line with what we expected, and days of inventory will come down in the September and December quarter.

然後可能在庫存方面，6 月季度的庫存增加了 2500 萬美元，這又是我們一年中最慢的季節性季度。庫存天數增加了 13 天，達到 139 天。因此，在我們一年中季節性最慢的季度中，我們肯定一直在水平加載我們的工廠，以提高我們資本設備的使用效率。當然，所有這些都是為了支持我們與主要客戶以及我們談到的新產品的增長，我們看到 9 月季度連續增長 20%，不包括華為，然後進一步增長到十二月季度。因此，我們 - 在 9 月和 12 月季度，我們確實預計庫存天數會減少，因為我們將消耗部分庫存。展望未來，我確實預計庫存會在 110 天到 140 天之間翻轉，這取決於我們在季節性週期中所處的位置。所以這略高於歷史水平，但你必須記住，4、5 年前，我們沒有在內部製造過濾器，我們都是從第三方購買的。也許在 2 年前，我們在內部使用了大約 50% 的過濾器。到目前為止，我們已經接近 95% 的內部過濾器。因此，這顯然正在推動更高水平的庫存。但同樣，庫存完全符合我們的預期，庫存天數將在 9 月和 12 月季度下降。

Next question come from the line of Craig Hettenbach with Morgan Stanley.

下一個問題來自摩根士丹利的 Craig Hettenbach。

Liam, as we think about 5G from a design perspective, any color in terms of the traction you're seeing on the smartphone side? And then also just a rough estimate of how that's playing out in dollar content in the initial wave?

利亞姆，當我們從設計的角度考慮 5G 時，您在智能手機方面看到的牽引力方面有什麼顏色？然後也只是粗略估計在初始浪潮中美元含量如何發揮作用？

Sure, Craig, absolutely. Well, we see an expanding opportunity in 5G in a number of areas. There's just a great deal of complexity that needs to be resolved in the system. Our customers are looking for integration and kind of cohesive solutions, so platforms like Sky5 that we developed are perfect solutions for these customers. They're configurable. We can resolve a lot of that complexity. And we also have to deal with the challenge of backward compatibility into 4G and 3G. So if you look at a 5G-enabled phone, you're going to have 5G bands and 5G technology but you're also going to need to be interoperable with 4G and 3G. There's a physical challenge in a design of the phones. There's a battle for com consumption and coexistence within the device. So a lot of complexity that we're working on today with our customers, we're lining up with the critical baseband providers as well so our solutions could be somewhat agnostic around the baseband ecosystem. And adding some of the technologies that we've developed in-house, the DRx technologies will be even more vital in 5G. We've got ultra-high band devices that we're shipping, we've got BAW technology that we just commenced shipping now that we spoke about. So we're in very good position. But I will tell you that 5G is difficult, it's challenging and our customers are reaching out to partners that they trust and partners that have been here. And that's where we want to be, one of those partners that help our customers be successful.

當然，克雷格，絕對。好吧，我們在許多領域看到了 5G 不斷擴大的機會。系統中只有大量的複雜性需要解決。我們的客戶正在尋找集成和有凝聚力的解決方案，因此我們開發的像 Sky5 這樣的平台是這些客戶的完美解決方案。它們是可配置的。我們可以解決很多這種複雜性。我們還必須應對向後兼容 4G 和 3G 的挑戰。因此，如果您查看支持 5G 的手機，您將擁有 5G 頻段和 5G 技術，但您還需要與 4G 和 3G 互操作。手機的設計存在物理挑戰。設備內存在 com 消耗和共存的戰鬥。因此，我們今天正在與客戶合作解決很多複雜問題，我們也在與關鍵的基帶供應商合作，因此我們的解決方案可能在某種程度上與基帶生態系統無關。加上我們內部開發的一些技術，DRx 技術在 5G 中將變得更加重要。我們有我們正在出貨的超高頻段設備，我們有我們剛剛開始出貨的 BAW 技術，正如我們所說的那樣。所以我們處於非常有利的位置。但我會告訴你，5G 很困難，很有挑戰性，我們的客戶正在聯繫他們信任的合作夥伴和一直在這裡的合作夥伴。這就是我們想要成為的地方，成為幫助我們的客戶取得成功的合作夥伴之一。

Got it. And then just a follow-up update on Avnera, I know when you bought them, I mean, I (technical difficulty) in terms of the context of Skyworks having a much larger platform, bigger customers. How are you seeing that play through in terms of the design work that they're doing? Are you able to leverage that in terms of some of the momentum for new designs at Avnera?

知道了。然後只是關於 Avnera 的後續更新，我知道你什麼時候買了它們，我的意思是，我（技術困難）在 Skyworks 的背景下擁有更大的平台，更大的客戶。你如何看待他們正在進行的設計工作？您能否利用這一點來推動 Avnera 的新設計？

Sure, Craig, that's a great question. And that portfolio is doing very well for us. So one of the designs that we mentioned in the opening remarks was powered by Avnera. They've got some very slick SoC technology that we're leveraging. Certainly, some great performance in audio. But overall, right now, we're very pleased with what we've seen from that acquisition. It's fully integrated with Skyworks. So we're able to take advantage of a larger sales and marketing organization and a little more strength on the operational side. But so far, it's looking very good. Appreciate that.

當然，克雷格，這是一個很好的問題。該投資組合對我們來說非常好。因此，我們在開場白中提到的其中一項設計是由 Avnera 提供支持的。他們擁有我們正在利用的一些非常精巧的 SoC 技術。當然，在音頻方面有一些出色的表現。但總的來說，現在，我們對這次收購的結果感到非常滿意。它與 Skyworks 完全集成。因此，我們能夠利用更大的銷售和營銷組織以及在運營方面的更多優勢。但到目前為止，它看起來非常好。感謝。

Your next question comes with that Chris Caso with Raymond James.

你的下一個問題來自克里斯·卡索和雷蒙德·詹姆斯。

Just a question on Huawei and just trying to get a little more color on what you had said. From the pre-announcement earlier in the quarter, it seems that you took out about $60 million out of what you said was a 12% customer in the quarter, which would kind of work out to maybe sort of $40 million of remaining shipments to Huawei in the June quarter. I guess we're to understand that those shipments are minimal as you go into the September quarter, and therefore, that's the sequential headwind that you're facing. And then maybe as a follow on to that, others, it seems like every company has had some difference in terms of what they can and can't ship to Huawei. Some folks are also applying for some licenses for additional shipments. Can you just shed some more color on what you can and can't ship and then the potential for being able to ship more?

只是一個關於華為的問題，只是想對你所說的話多一點色彩。從本季度早些時候的預先公告來看，你似乎從你所說的本季度 12% 的客戶中拿出了大約 6000 萬美元，這可能相當於向華為剩餘的 4000 萬美元出貨量在六月季度。我想我們應該明白，進入 9 月季度時，這些出貨量很小，因此，這就是您面臨的順序逆風。然後也許作為後續，其他人，似乎每家公司在他們可以和不能向華為運送什麼方面都有一些差異。有些人還在申請一些許可證以進行額外的運輸。您能否就可以運送和不能運送的物品以及運送更多物品的潛力進行更多說明？

Yes, Chris, maybe I'll provide some more color on Huawei. So in Q3, Huawei's revenue was slightly above 10% of overall -- overall of the total revenue, and that was all shipped prior to the ban being effective. We didn't ship after the ban was effective. And as you know, we did adjust our guidance and we took out roughly $60 million of revenue when we updated the guidance. So definitely in Q3, it's the stronger seasonal quarter typically for Huawei and so we did expect actually more revenue than what we've seen in the first half of the fiscal year. And so looking forward to Q4, we do expect very minimal revenue with them. We are -- we can legally ship certain products, but the demand signal that we get from Huawei is actually very low. We expect revenue to be probably below $10 million in Q4. And I mean, Liam, you want to add something?

是的，克里斯，也許我會提供更多關於華為的顏色。所以在第三季度，華為的收入略高於總收入的 10%——總收入的總和，而且這些都是在禁令生效之前出貨的。禁令生效後我們沒有發貨。正如你所知，我們確實調整了我們的指導，當我們更新指導時，我們獲得了大約 6000 萬美元的收入。所以肯定在第三季度，這是華為通常表現強勁的季節性季度，因此我們確實預計收入實際上會超過我們在本財年上半年看到的收入。因此，期待第四季度，我們確實希望他們的收入非常少。我們是——我們可以合法地運送某些產品，但我們從華為那裡得到的需求信號實際上非常低。我們預計第四季度的收入可能低於 1000 萬美元。我的意思是，利亞姆，你想補充點什麼嗎？

Yes. I mean, just to be clear, so Chris, I mean, when the ban came out, we stopped shipping immediately and we did not ship again for the balance of Q3. As we entered Q4, doing a little homework with our legal team on reaching out to SIA and some other associations to get guidance, we felt comfortable with certain products being shipped and we've been commencing shipments, but it's been at a very low level. So that's kind of the difference between what we've done. Other competitors may have played it differently, but that's how we played it. We still feel very good about the business we have today net of Huawei. If Huawei comes back, that's great. But the guidance that we provided with a 20% sequential netting out Huawei in Q3 and Q4 I think says a lot about the organic business and our read into what we can do.

是的。我的意思是，要明確一點，所以克里斯，我的意思是，當禁令出台時，我們立即停止發貨，並且在第三季度的剩餘時間裡我們沒有再次發貨。當我們進入第四季度時，與我們的法律團隊一起做了一些功課，以聯繫新航和其他一些協會以獲得指導，我們對某些產品的發貨感到滿意並且我們已經開始發貨，但一直處於非常低的水平.所以這就是我們所做的事情之間的區別。其他競爭對手的玩法可能有所不同，但這就是我們的玩法。我們對華為今天的業務感覺還是很好的。如果華為回來了，那就太好了。但是我們在第三季度和第四季度提供的 20% 連續淨額剔除華為的指導我認為說明了很多關於有機業務和我們對我們可以做什麼的解讀。

All right. That's very helpful color. Just as a follow-up, what are the longer-term implications here? And I guess, for one, do you feel like as 5G comes out next year, you'll be able to ship components to Huawei 5G phones under the current rules? And if there are still restrictions, we've been hearing for some time that the highly integrated solutions by yourselves and other U.S. manufacturers are really necessary to enable 5G phones. Are there alternatives? In other words, are there potential for, if this situation doesn't get resolved, some of these opportunities will just disappear for the long term?

好的。這是非常有用的顏色。作為後續行動，這裡的長期影響是什麼？我想，一方面，你覺得明年 5G 推出時，你是否可以根據現行規則向華為 5G 手機運送組件？如果仍然存在限制，我們一段時間以來一直聽說你們自己和其他美國製造商的高度集成解決方案對於啟用 5G 手機確實是必要的。有其他選擇嗎？換句話說，如果這種情況得不到解決，從長遠來看，其中一些機會是否有可能會消失？

Yes. That's a great question. The way I look at it is, and you're right, I mean, the technologies that we provide and I know you understand this, are very, very complex. We're not a discrete component player, we haven't been that company for years. So the kind of things that we offer to companies like Huawei are very, very complex and very hard to displace. Having said all that, I don't think this is going to stop 5G. I think there could be certainly some challenges in China, specifically around 5G and access to technologies. But I think from a global perspective, the power of the 5G catalyst here and the investments and the opportunities for connectivity are just so powerful that, that's going to continue. Could there be a bit of a pause lever, with the China issue? Sure. But I don't think it's going to stop the industry globally from executing on this vision of moving up into 5G and the latency in speed and benefits that it provide so. And we'll stay with that. And the other thing here is that the demand can move around. If some companies or regions are impaired, yes, it will hurt in the short term. But overall, I think that that revenue and that opportunity can get redistributed and we'll be right there for that as well.

是的。這是一個很好的問題。我的看法是，你是對的，我的意思是，我們提供的技術，我知道你理解這一點，非常非常複雜。我們不是分立元件廠商，我們已經不是那家公司好多年了。因此，我們提供給像華為這樣的公司的東西非常非常複雜，而且很難被取代。話雖如此，我認為這不會阻止 5G。我認為中國肯定會面臨一些挑戰，特別是在 5G 和技術獲取方面。但我認為，從全球的角度來看，這裡 5G 催化劑的力量以及連接的投資和機會是如此強大，以至於這將繼續下去。關於中國問題，是否可以暫停一下？當然。但我認為這不會阻止全球行業實現這一願景，即升級到 5G 以及它提供的速度和好處的延遲。我們會堅持下去。這裡的另一件事是需求可以四處移動。如果某些公司或地區受到損害，是的，短期內會受到損害。但總的來說，我認為收入和機會可以重新分配，我們也將在那裡。

Next question comes from the line of Blayne Curtis with Barclays.

下一個問題來自 Blayne Curtis with Barclays。

This is Tom O'Malley on for Blayne Curtis. My first one is around the China handset business outside of Huawei. Some in the industry during this earnings period have talked about how Huawei is looking internally in China and maybe taking some share there and that could affect you guys. How do you guys view that market right now? And are you seeing that trend play out where other Tier 1 players and Tier 2 players are ceding some market share?

這是布萊恩柯蒂斯的湯姆奧馬利。我的第一個是關於華為以外的中國手機業務。在這個財報期間，一些業內人士談到了華為在中國內部的看法，可能會在那裡佔據一些份額，這可能會影響到你們。你們如何看待現在的市場？您是否看到這種趨勢在其他 1 級玩家和 2 級玩家正在放棄一些市場份額的情況下發揮作用？

Yes, that's a great question. We've had a good position with Huawei, but we've also had a very strong position with Oppo, Vivo and Xiaomi. And so far, the business there has been promising and been kind of on track, still developing some interesting new solutions for those customers as well. We've been able to build those partnerships over years. So that part of the China ecosystem, at this point, looks pretty good.

是的，這是一個很好的問題。我們在華為方面處於有利地位，但我們在 Oppo、Vivo 和小米方面也處於非常有利的地位。到目前為止，那裡的業務一直很有前途並且走上正軌，仍在為這些客戶開發一些有趣的新解決方案。多年來，我們已經能夠建立這些夥伴關係。因此，在這一點上，中國生態系統的這一部分看起來相當不錯。

Great. And then my second one is more maintenance. Can you guys give us the percentage of your largest customer in June? You guys have been pretty helpful about that in the past.

偉大的。然後我的第二個是更多的維護。你們能給我們6月份你們最大客戶的百分比嗎？你們過去在這方面很有幫助。

Yes. So in June, the largest customer was well over 40% of total revenue. Again, the June quarter is somewhat of the slower seasonal quarter there. And as we ramp with a large customer in Q4, obviously, that will go up.

是的。因此在 6 月份，最大的客戶佔總收入的 40% 以上。同樣，六月季度在某種程度上是那裡較慢的季節性季度。當我們在第四季度與一個大客戶合作時，顯然，這會上升。

Yes, and obviously, with some of the Huawei revenue out of the pie, the ratios get skewed a little bit as well, Tom.

是的，很明顯，由於華為的部分收入不在蛋糕中，因此比率也會有所偏差，湯姆。

Question comes from the line of Karl Ackerman with Cowen.

問題來自 Karl Ackerman 和 Cowen 的對話。

If I may, I'd like to follow back up on the previous question. So your China-based smartphone customer, you're seeing very strong domestic growth through the June quarter, given nationalistic support. So I'm curious, does your outlook from the September quarter and beyond contemplate ramifications of that perceived nationalism to your mobile opportunity at other smartphone OEMs where you have higher content? And I have a follow-up.

如果可以的話，我想跟進上一個問題。因此，在民族主義支持下，您的中國智能手機客戶在整個 6 月季度看到非常強勁的國內增長。所以我很好奇，您對 9 月季度及以後的展望是否考慮了這種民族主義對您在其他擁有更高內容的智能手機 OEM 的移動機會的影響？我有一個後續行動。

Yes, to the extent that we can, yes, we feel we've talked about some of the other players in China and the demand outlook there look steady. We talked about Huawei and the issues that we have right here and that could get resolved. And if it gets resolved, we're right back in. But we're still very aggressive in gaining success in design wins globally across the board. The only exception right now is the Huawei situation where we're kind of stuck. But beyond that, we're active, we're developing solutions, we're gaining design wins. And as we mentioned in some of the prior questions that the products that we make are not commodities, they're not interchangeable. They're very complex, custom commodities or custom devices that are necessary for 5G and even higher-end 4G networks.

是的，在我們可以的範圍內，是的，我們覺得我們已經談到了中國的其他一些參與者，那裡的需求前景看起來很穩定。我們談到了華為以及我們在這裡遇到的可以解決的問題。如果它得到解決，我們馬上回來。但我們仍然非常積極地在全球範圍內贏得設計勝利。目前唯一的例外是我們陷入困境的華為情況。但除此之外，我們很活躍，我們正在開發解決方案，我們正在贏得設計。正如我們在之前的一些問題中提到的，我們生產的產品不是商品，它們不可互換。它們是非常複雜的定製商品或定制設備，是 5G 甚至更高端的 4G 網絡所必需的。

That's helpful. As my follow up, in your prepared comments, you discussed early shipments of 11ax products. What's your view on the competitive landscape on 11ax given recent M&A in the space? And how do you see the adoption of 11ax within enterprise access points and consumer applications over the next few quarters?

這很有幫助。作為我的後續，在您準備好的評論中，您討論了 11ax 產品的早期發貨。鑑於最近該領域的併購，您對 11ax 的競爭格局有何看法？您如何看待未來幾個季度在企業接入點和消費者應用程序中採用 11ax？

Sure. Well, 11ax, right now, is probably -- I mean, it's in early stage, but it's definitely the technology that you want to be in for WiFi, for higher speed WiFi. So the 11ax engines that we have today are doing quite well. We name some of the design wins that we had. Cisco is one, for example. And what we do is we have great partnerships with some of the SoC players. So we're able to basically calibrate our solutions with the SoC providers, and together, kind of take advantage of the overall market and lever those solutions broadly with SoC partnerships, similar to what we do with baseband partnerships. We also have really good technology in WiFi. We've been a market leader from the beginning in WiFi and have been able to take the solutions up over the last several years at a higher and higher performance levels. The customer reach that we mentioned continues to expand. And WiFi has been a pretty big catalyst in our broad market portfolio and that's a portfolio we've mentioned has been growing at about 15% CAGR. So there's a lot of strength in that outlook in that portfolio. And we're seeing more and more customers and applications adopt 11ax, still early innings for 11ax, but I think we're very well positioned for that.

當然。嗯，11ax，現在，可能——我的意思是，它處於早期階段，但它絕對是你想要用於 WiFi 的技術，用於更高速度的 WiFi。因此，我們今天擁有的 11ax 引擎運行良好。我們列出了一些我們獲得的設計勝利。例如，思科就是其中之一。我們所做的是與一些 SoC 玩家建立了良好的合作夥伴關係。因此，我們能夠基本上與 SoC 供應商一起校准我們的解決方案，並一起利用整個市場，並通過 SoC 合作夥伴廣泛利用這些解決方案，類似於我們與基帶合作夥伴所做的事情。我們在 WiFi 方面也擁有非常好的技術。我們從一開始就是 WiFi 市場的領導者，並且在過去幾年中能夠以越來越高的性能水平採用解決方案。我們提到的客戶範圍繼續擴大。在我們廣泛的市場組合中，WiFi 一直是一個相當大的催化劑，我們提到的這個組合一直以大約 15% 的複合年增長率增長。因此，該投資組合的前景有很大的優勢。我們看到越來越多的客戶和應用程序採用 11ax，11ax 仍處於早期階段，但我認為我們已經做好了準備。

And the next question from the line of Edward Snyder with Charter Equity.

下一個問題來自 Charter Equity 的 Edward Snyder。

Liam, I just want to talk about 5G but I'd like to get a little more specific especially regarding the handsets. Other than the ultra-high band PAD and maybe Band 41 at this stage, maybe if you can throw in, if you want Band 71. Other than those 3 areas, are you seeing any 5G content in phones today? I know it's going to expand. You don't do millimeter-wave today. And are you working on that with the -- with your largest OEMs?

利亞姆，我只想談談 5G，但我想更具體一點，尤其是關於手機。除了超高頻段 PAD 和現階段的 Band 41 之外，如果您想要 Band 71，也許可以加入。除了這 3 個領域，您今天在手機中看到任何 5G 內容嗎？我知道它會擴大。你今天不做毫米波。您是否正在與您最大的原始設備製造商合作？

Well, there are elements of 5G in certain company launches, Ed, this fall, but you're right, I mean, 5G is really going to be more of a 2020 release I think in the market. There will be some phones that will have some capabilities. But the real upside of 5G is more of a 2020 and beyond opportunity. And we're well positioned for that with our Sky5 platform. We've got a really unique portfolio of devices that can be harmonized and customized depending on the bands and depending on the carrier and depending on the needs of the OEM. So I think we look good, but you're right, I mean the 5G opportunity is more of a 2020 play. We are working now on the design wins that will support that 2020 and beyond launch, of course.

好吧，Ed，今年秋天某些公司發布的產品中有 5G 的元素，但你是對的，我的意思是，我認為 5G 真的會在 2020 年發布。將會有一些手機具有某些功能。但 5G 的真正優勢更多是 2020 年及以後的機會。我們的 Sky5 平台為此做好了充分準備。我們擁有真正獨特的設備組合，可以根據頻段、運營商和 OEM 的需求進行協調和定制。所以我認為我們看起來不錯，但你是對的，我的意思是 5G 機會更像是 2020 年的遊戲。當然，我們現在正在努力贏得設計，以支持 2020 年及以後的發布。

So and then just to be clear, do you see some participating in the millimeter-wave side. I know Qualcomm is the only game in town and that part is atrocious in terms of performance-wise. And so if your large OEM, your largest customers or anyone that fuel the phone using that product, they don't want to suffer their battery life problems and the heat problems we're already seeing now. They're going to have to do something other than CMOS. Are you working on something now? And do you think Qualcomm's control of the baseband would impede you from winning a slot if you were?

那麼，為了清楚起見，您是否看到一些參與毫米波方面的活動。我知道高通是鎮上唯一的遊戲，而且這部分在性能方面非常糟糕。因此，如果您的大型 OEM、最大的客戶或使用該產品為手機供電的任何人，他們都不想遭受電池壽命問題和我們現在已經看到的熱量問題。他們將不得不做一些 CMOS 以外的事情。你現在正在做某事嗎？如果你是的話，你認為高通對基帶的控制會阻礙你贏得一席之地嗎？

Well, I mean, we certainly see millimeter-wave as another opportunity in mobile here as we go to 5G, there's opportunity on the infrastructure side, an opportunity on the handheld side, and so we're looking at both. I don't believe we're going to be impeded by any baseband. And we've been interoperable across the board here for years and years at all customers, including our largest ones. So we'll ensure that we're able to be flexible there. But those technologies, I don't think they're going to be widespread early on. But over time, millimeter-wave could be a catalyst in the industry. Again, infrastructure and within the handset and we'll continue to work on those opportunities.

好吧，我的意思是，隨著我們走向 5G，我們當然將毫米波視為移動領域的另一個機會，基礎設施方面有機會，手持設備方面也有機會，所以我們正在關注這兩個方面。我不相信我們會受到任何基帶的阻礙。多年來，我們一直在這裡與所有客戶（包括我們最大的客戶）進行全面互操作。因此，我們將確保我們能夠在那裡保持靈活性。但這些技術，我認為它們不會在早期得到廣泛應用。但隨著時間的推移，毫米波可能成為該行業的催化劑。同樣，基礎設施和手機內部，我們將繼續致力於這些機會。

Next question comes from the line of Harsh Kumar with Piper Jaffray.

下一個問題來自 Harsh Kumar 與 Piper Jaffray 的合作。

First of all, congratulations on commercial BAW shipments. Liam, I had a quick one on that for you. I think your largest customer is widely speculated to have their 5G phone out next year. How would you rate the readiness of your BAW portfolio? And then as a follow up to that, for example, in like a Sky5 solution that you mentioned in your press release, how much of the BAW is internal versus externally sourced?

首先恭喜商用BAW出貨。利亞姆，我已經為你做了一個簡短的介紹。我認為你最大的客戶被廣泛猜測明年會推出他們的 5G 手機。您如何評價您的 BAW 產品組合的準備情況？然後作為後續行動，例如，在您在新聞稿中提到的 Sky5 解決方案中，有多少 BAW 是內部來源和外部來源的？

Yes. So great questions. And I think what you're going to see is kind of a blending in of the technology over time. When you look at Sky5 and the incorporation of BAW, we're going to start to see that really roll off -- roll up as we move out. We're delivering solutions now this quarter that I mentioned. And what you're going to see now is the BAW technology that we're delivering is organic. The technologies that we mentioned in our prepared remarks about shipping this quarter, those are organic solutions. They're BAW-enabled devices and a system-level solution of Sky5 level solutions. They're not discrete filters. They're integrated with other elements. And it's Skyworks organic stuff, we've been working on this for years. And just to do a quick commercial on our filter business, we're doing 10 billion temperature-compensated SAW filters a year. We're doing hundreds of millions of devices in our Mexicali site. We've got a Singapore location that's also driving some very sophisticated package and test. So we have all of the critical supply chain elements to make it work. We've been very conservative about talking about BAW, but now we're there and we're delivering. And we expect it to be the beginning of some real significant opportunities as 5G moves along and the complexity of mobile phone continues to go up.

是的。這麼好的問題。而且我認為你將看到的是隨著時間的推移技術的融合。當您查看 Sky5 和 BAW 的合併時，我們將開始看到它真的開始下降——隨著我們搬出而上升。我提到的本季度我們現在正在提供解決方案。您現在將看到的是我們提供的 BAW 技術是有機的。我們在準備好的關於本季度發貨的評論中提到的技術是有機解決方案。它們是支持 BAW 的設備和 Sky5 級解決方案的系統級解決方案。它們不是離散的過濾器。它們與其他元素集成在一起。這是 Skyworks 有機產品，我們多年來一直致力於此。為了讓我們的濾波器業務快速商業化，我們每年生產 100 億個溫度補償 SAW 濾波器。我們在 Mexicali 網站上使用了數億台設備。我們在新加坡也有一個地點，它也在推動一些非常複雜的包裝和測試。因此，我們擁有所有關鍵的供應鏈要素來使其發揮作用。我們一直非常保守地談論 BAW，但現在我們在那裡並且我們正在交付。隨著 5G 的發展和手機的複雜性不斷提高，我們預計這將是一些真正重要機遇的開始。

And then for my follow up, a west coast competitor namely Qualcomm effectively talked about there being some kind of a benefit and them having a 5G basement and tying their RF to it. First of all, do you see any validity in that statement? And then secondly, do you run into them as far as design wins or competition is concerned in 5G?

然後在我的後續行動中，西海岸的競爭對手高通公司有效地談到了某種好處，他們擁有 5G 地下室並將其 RF 綁定到它上面。首先，您認為該聲明是否有效？其次，就 5G 的設計獲勝或競爭而言，您是否遇到過它們？

Sure. Well, we all -- we compete with lots of companies, lots of companies. So -- and we're used to that and I think it's healthy. And we've done our best to garner the lion share of design wins in areas that we can play. So we're not at all concerned about that. That is a normal thing. But I will say that in most cases, we've got very collaborative baseband providers that work with us and understand that ultimately, the work that we're doing as semiconductor providers is try to make our customers products the best. So that's the way we look at it. So we're working shoulder-to-shoulder with baseband partners, endeavoring to produce tremendous phones for our customers and tremendous technology. We're going to continue to do that. And it's made us who we are at Skyworks. There's a lot of really interesting things happening at 5G, a lot of very, very difficult challenges to resolve. We've got great people on our side, we've got great partnerships with most of the baseband players in the ecosystem is there and we'll be able to deliver the products that our customers want.

當然。好吧，我們所有人——我們與很多公司競爭，很多公司。所以——我們已經習慣了，我認為這是健康的。我們已盡最大努力在我們可以發揮的領域中獲得最大份額的設計勝利。所以我們一點也不擔心。那是很正常的事情。但我要說的是，在大多數情況下，我們有非常協作的基帶供應商與我們合作，並理解最終，我們作為半導體供應商所做的工作是努力讓我們的客戶產品成為最好的。這就是我們看待它的方式。因此，我們與基帶合作夥伴並肩合作，努力為我們的客戶生產出色的手機和出色的技術。我們將繼續這樣做。它造就了 Skyworks 的我們。5G 發生了很多非常有趣的事情，需要解決很多非常、非常困難的挑戰。我們身邊有優秀的人才，我們與生態系統中的大多數基帶播放器建立了良好的合作夥伴關係，我們將能夠提供客戶想要的產品。

Our last question comes from the line of Shawn Harrison with Longbow Research.

我們的最後一個問題來自 Shawn Harrison 與 Longbow Research 的合作。

Mainly a focus for Kris here. The capital intensity is running about 12% of sales year-to-date. How do you see that tracking in the fourth quarter? And then in into next year, considering all the 5G launches that will be coming up?

這裡主要關注 Kris。今年迄今為止，資本密集度約為銷售額的 12%。您如何看待第四季度的跟踪？然後進入明年，考慮所有即將推出的 5G 產品？

Yes, you're right. So CapEx is running in the 12% range to revenue right now. And of course, we'll have to take into account reduced demand single from Huawei as we look at factory utilizations and CapEx into that. Now on the flip side, of course, we will continue to make the necessary investments to advance the technology and to increase our capabilities in part in our back-end operation, but also as Liam just talked about that, especially in our filter operation, not necessarily expanding capacity, but upgrading and making our technology more robust in TC SAW. And then of course, as we execute on our BAW ramp and get more and more BAW-integrated products out there, we will have to expand our BAW filter technology and capacity as well. Going forward, I expect CapEx to maybe trend below 10% of revenue. But there's a lot of element that play into that.

你是對的。因此，資本支出目前在收入的 12% 範圍內運行。當然，在我們查看工廠利用率和資本支出時，我們必須考慮到來自華為的單一需求減少。另一方面，當然，我們將繼續進行必要的投資以推進技術並提高我們在後端操作中的部分能力，但正如利亞姆剛才談到的那樣，特別是在我們的過濾器操作中，不一定是擴大產能，而是升級並使我們的技術在 TC SAW 中更加強大。然後當然，隨著我們在 BAW 上執行並獲得越來越多的 BAW 集成產品，我們也將不得不擴展我們的 BAW 濾波器技術和容量。展望未來，我預計資本支出可能會低於收入的 10%。但是其中有很多因素。

And then second is a follow-up, I think, you mentioned there's some underutilization drag because of the Huawei weakness. I was hoping you could maybe qualify what the impact is at least here in the near term from that drag on gross margin?

其次是後續行動，我想，你提到由於華為的弱點，存在一些未充分利用的拖累。我希望您至少可以從毛利率的拖累中確定至少在短期內的影響是什麼？

Yes. So gross margin in Q3 came in at 50.4%, and we guided Q4 now, the September quarter, to 50% to 50.5%, so flat to maybe slightly down. And so first of all, I think we continue to execute very well on driving higher value-added and higher complex products into the market. And that's typically dwelled into higher gross margin. And we continue to execute really well on cost reductions and operational efficiencies as well. And we do have a little bit of a mix benefit. Having said that, the addition of Huawei to the entity list and a strongly reduced demand single from Huawei is becoming somewhat of a headwind for gross margins and gross margin expansion. I just mean Huawei was running on or about 15% of total revenue, and most of that product was running to our fabs, the front-end fabs, the back-end fab and some of our filter fabs as well. And so that underutilization is becoming a little bit of a headwind. We, of course, will see how the whole Huawei situation plays out and what the future demand will be. And, of course, we will not hesitate in the near term to take the necessary actions to take out as much cost as we can. Having said that, of course, I mean, we continue to produce very strong operating margins well above 30% and very strong EBITDA margins on or about 45%. And that will definitely remain one of our main focus items.

是的。因此，第三季度的毛利率為 50.4%，我們現在指導第四季度，即 9 月季度，達到 50% 至 50.5%，因此持平甚至可能略有下降。因此，首先，我認為我們在推動更高附加值和更複雜的產品進入市場方面繼續表現出色。這通常體現在更高的毛利率中。我們在降低成本和提高運營效率方面也繼續表現出色。我們確實有一點混合優勢。話雖如此，華為加入實體名單以及華為的單一需求大幅減少正在成為毛利率和毛利率擴張的一些逆風。我只是說華為佔總收入的 15% 左右，而且大部分產品都流向了我們的晶圓廠、前端晶圓廠、後端晶圓廠以及我們的一些過濾器晶圓廠。因此，未充分利用正變得有點不利。當然，我們將看到整個華為的情況如何發展以及未來的需求是什麼。而且，當然，我們會在短期內毫不猶豫地採取必要的行動來盡可能多地減少成本。話雖如此，當然，我的意思是，我們繼續產生遠高於 30% 的非常強勁的營業利潤率和 45% 左右的非常強勁的 EBITDA 利潤率。這肯定仍將是我們的主要關注項目之一。

Ladies and gentlemen, that does conclude today's question-and-answer session. I'll now turn the call over back to Mr. Griffin for any closing comments. Please go ahead.

女士們，先生們，今天的問答環節到此結束。我現在將電話轉回給格里芬先生，徵求任何結束意見。請繼續。

Thank you, and thank you all for participating on today's call. We look forward to seeing you at upcoming investor conferences and other events during the quarter. Thank you.

謝謝，也感謝大家參加今天的電話會議。我們期待在本季度即將舉行的投資者會議和其他活動中見到您。謝謝。

Ladies and gentlemen that does conclude today's conference call. We thank you for your participation.

女士們先生們，今天的電話會議結束了。我們感謝您的參與。